Is Marion, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Marion is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Marion has remained a Seller's Market.

Key Takeaway

Marion is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Marion, IL

How much do homes in Marion, IL cost?

Median Sold Price

$180,051

$107/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$30,051(+20.0%)

Key Takeaway

Homes in Marion have sold for 20% more than they did a year ago.

Summary: The median home sold price in Marion was $180,051 in May 2024, up 20% from last year, and the median price per square foot was $107.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $33K$132K
+300.0%
2 $75K$92.4K
+23.2%
3 $159.9K$180K
+12.6%
4 $250K$273.9K
+9.6%
5+ $400K$425K
+6.3%

Summary: Marion housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 300%, 2 bedroom homes increased by 23.2%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes increased by 6.3%.

Median Sold Price Compared To Nearby Cities

Marion
+20.0%
East Marion
+6.7%
West Marion
+4.6%

Housing Supply in Marion, IL

How many homes are available in Marion, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
109116+6.4%

Summary: The Marion real estate market had 116 homes for sale in May 2024, a 6.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 1716
-5.9%
3 6672
+9.1%
4 2023
+15.0%
5+ 65
-16.7%

Summary: The Marion housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 5.9%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 15%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2630+15.4%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Marion, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.

Summary: A total of 30 homes were sold or pending in Marion in May 2024, up by 15.4% month-over-month. Of the 30 sold homes, 53% were sold under asking, 10% were sold at asking, and 37% were sold over asking.

Days on Market for Marion, IL

How long does it take to sell a home in Marion, IL?

Average Sale Time

May 2023May 2024CHANGE
13 Days34 Days+150.6%

Summary: Homes in Marion had an average of 34 days on market in May 2024, up by 150.6% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Marion are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 30 homes were sold in Marion; 60% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Marion, IL

Nearby Markets to Marion, IL

What housing markets are near Marion, IL?